Commonwealth Numbered Acts Commonwealth Numbered Acts
| Amount of aged persons savings bonus payment | ||
|---|---|---|
| Item | If the Veterans' Affairs customer's annual retirement income is: | ...the amount of the aged persons savings bonus payment is equal to: |
| 1 | $20,000 or less | his or her annual savings and investment income, up to a maximum of $1,000 |
| 2 | more than $20,000 but less than $30,000 | (a) his or her annual savings and investment income, up to a maximum of $1,000; less (b) the phasing out fraction (see subsection (3)) of the amount worked out under paragraph (a) of this item |
Ruth's aged persons savings bonus payment is worked out as follows.
Ruth's annual savings and investment income of $1,500 exceeds the maximum of $1,000, so only $1,000 is potentially allowable.
The phasing out fraction of the $1,000 then needs to be subtracted. The fraction is:
Bonus payments less than $1 rounded up to $1
